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FILE – Former Treasury Secretary Steve Mnuchin speaks with reporters outside the White House, March 29, 2020, in Washington. Mnuchin says he’s going to put together an investor group to buy TikTok, a day after the House of Representatives passed a bill that would ban the popular video app in the U.S. if its China-based owner doesn’t sell its stake.
House lawmakers acted on concern that TikTok’s current ownership structure is a national security threat. Lawmakers from both parties and administration officials have voiced concerns that TikTok’s parent company, ByteDance, could be compelled by Chinese authorities to hand over data on American users, spread pro-Beijing propaganda or suppress topics unfavorable to the Chinese government.
The fight over the platform takes place as U.S.-China relations have shifted into strategic rivalry, especially in areas such as advanced technology and data security, seen as essential to each country’s economic prowess and national security. Big tech companies are best positioned to make such a purchase, but they would likely face intense scrutiny from antitrust regulators, which Mnuchin emphasized.
Meanwhile, some Democrats have expressed concern about singling out one company when other social media platforms also collect vast amounts of data on users. Opponents of the bill also say it would disrupt the lives of content creators who rely on the platform for income and run afoul of the First Amendment, which protects free speech.When Mnuchin was Treasury secretary, the Trump administration brokered a deal in 2020 that would have had U.S.
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